Upcoming Key Events This Week

NZD – Retail Sales q/q – 9:45pm GMT: New Zealand retail sales posted a -0.1% contraction, beating the forecast of -0.5%. This marked an improvement from the prior quarter’s -1.2%, signaling potential stabilization in consumer demand. NZD traders will be assessing this data’s implications on upcoming Reserve Bank of New Zealand (RBNZ) policy moves.

EUR – German Ifo Business Climate – 9:00am GMT: The German Ifo Business Climate index fell to 85.7, below expectations of 86.1, reflecting persistent challenges in Europe’s largest economy. This data raises further concerns about the region’s growth trajectory, which may weigh on the EUR and Eurozone equities.

USD – CB Consumer Confidence – 3:00pm GMT: Consumer confidence in the U.S. is forecast to rise to 111.8 from 108.7. This update comes as the holiday shopping season begins, providing insights into consumer resilience amid higher borrowing costs. A strong print could support U.S. equity markets.
USD – FOMC Meeting Minutes – 7:00pm GMT: The minutes from the Federal Reserve’s latest meeting will be crucial for traders. Recent Fed rhetoric suggests a pause in rate hikes, but market participants will seek clues about the potential for further tightening or a shift in tone.

AUD – CPI y/y – 12:30am GMT: Australia’s CPI is forecast to accelerate to 2.5% from 2.1%, reinforcing the Reserve Bank of Australia’s (RBA) hawkish stance. This release could significantly impact AUD pairs and the ASX 200, especially given its timing ahead of Governor Bullock’s speech later in the week.
NZD – RBNZ Interest Rate Decision – 1:00am GMT: The RBNZ is expected to raise the Official Cash Rate by 50 basis points to 4.75%. This move aims to counteract economic slowdown while managing inflationary pressures. Market focus will also be on the accompanying rate statement and Governor Orr’s press conference.
USD – Core PCE Price Index m/m – 3:00pm GMT: The Fed’s preferred inflation gauge is anticipated to increase by 0.3% month-over-month, matching the previous reading. This data, alongside U.S. employment updates, will help determine the likelihood of further monetary tightening in December.

EUR – German Preliminary CPI m/m – All Day: German inflation is expected to contract by -0.2% in November after a 0.4% rise previously. A weak reading would support expectations for an ECB rate cut in December, potentially pressuring the EUR.
AUD – RBA Governor Bullock Speech – 8:55am GMT: Traders will closely monitor Governor Bullock’s remarks for any adjustments to the RBA’s policy outlook following the monthly CPI release. A hawkish tone could strengthen AUD.

EUR – Eurozone Core CPI Flash Estimate y/y – 10:00am GMT: Eurozone inflation is forecast at 2.8%, up from 2.7%. This data will shape ECB expectations ahead of its December meeting, with implications for EUR/USD and European equity markets.
CAD – GDP m/m – 1:30pm GMT: Canada’s GDP is forecast to grow by 0.3% in September, bouncing back from stagnation in the previous month. A robust print could provide support for the CAD amid ongoing global economic uncertainties.

CNY – Manufacturing PMI – 1:30am GMT: China’s official Manufacturing PMI is forecast at 50.2, indicating slight expansion. This data will offer insights into the health of the world’s second-largest economy, with implications for global market sentiment and commodity prices